| Saturday, November 10, 2001, updated at 14:36(GMT+8) |
Big Embezzler Sentenced to Death |
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Song Zhang'ai, 44, a one-time clerk for the China Huarong Trust and Investment Corporation (CHTIC), was accused of embezzling huge amounts of maney between 1992 and 1996 and was sentenced to death Friday by the First Intermediate People's Court of Beijing.
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A man, who embezzled 110 million yuan in state funds (13.3 million US dollars), was sentenced to death Friday by the First Intermediate People's Court of Beijing.
Song Zhang'ai, 44, a one-time clerk for the China Huarong Trust and Investment Corporation (CHTIC), was accused of embezzling huge amounts of maney between 1992 and 1996. He opened seven accounts in local banks and took out bank loans supposedly for CHTIC, whichwas totally unaware of his illegal operation, according to the court.
Song had worked from 1986 for the ICBC (the Industrial and Commercial Bank of China) trust and investment company, which was later became CHTIC.
The Intermediate People's Court of Beijing passed the death sentence on Song with confiscation of all his individual property and deprivation of political rights for his life.
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